PROVINCIAL ECONOMIC PROFILE
Ontario Economic Overview
$887.7b
GROSS PROVINCE PRODUCT
Growth Rate 2019-24
Province
Growth Rank
1.9%
7
15,911,285
POPULATION
Growth Rate 2019-24
Province
Growth Rank
1.8%
6
1,150,149
BUSINESSES
Growth Rate 2019-24
Province
Growth Rank
2.6%
2
Overview of the Ontario Economy
In 2024, the province of Ontario has a population of 15,911,285, having grown an annualized 1.8% over the five years to 2024, which ranks it 6th out of 13 provinces and territories by growth rate. Ontario's gross domestic product (GDP) in 2024 reached $887.7b, with growth of 1.9% over the 5 years to 2024. Businesses in Ontario employed a total of 5,047,207 people in 2024, with average annual employment growth over the past five years of 1.8%. The top three sectors by total employment are Real Estate and Rental and Leasing, Manufacturing, Finance and Insurance, while the unemployment rate across the province in 2024 was 6.2%.
What is Ontario's Gross Domestic Product (GDP)?
In 2024, Ontario's GDP reached $887.7b, representing an increase of 1.9% from 2023. Ontario's GDP has grown at an annualized rate of 2.8% over the five years to 2024. Moreover, Ontario's trailing five-year GDP growth ranks it 7th out of 13 provinces and territories.
Provincial GDP is a measurement of a province's output, or the sum of value added from all industries in the province. It is a common indicator used to track the health of a provincial economy.
PROVINCIAL ECONOMIC PROFILE
Ontario Industry Trends
What are Ontario's Largest Industries by Revenue?
The largest industries by revenue in Ontario are Commercial Banking, New Car Dealers and Gasoline & Petroleum Wholesaling, which generated $117.9b, $69.1b and $53.7b in 2024.
PROVINCIAL ECONOMIC PROFILE
Top Companies in Ontario
Top 10 Companies in Ontario by Employment
The largest companies by employment in Ontario are Government of Ontario, Walmart and Walmart Inc., which employed 225,600, 48,100 and 48,100 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Ontario Sector Statistics
In Ontario, certain sectors drive a higher share of provincial GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Ontario's GDP by Sector?
The Real Estate and Rental and Leasing, Manufacturing and Finance and Insurance sectors contributed the most to Ontario's GDP in 2024, representing a combined 33.6% of provincial GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the provincial economy, in addition to how the provincial economy is evolving over time.
What is Ontario's Employment by Sector?
The Retail Trade, Professional, Scientific and Technical Services and Manufacturing sectors contributed the most to employment in Ontario in 2024, representing a combined 39.8% of provincial employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the provincial economy as a whole.
PROVINCIAL ECONOMIC PROFILE
Ontario Employment Trends
5.0m
EMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
1.8%
9
6.2%
UNEMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
2.1%
7
What Employment Trends are Impacting Ontario's Economy?
The province of Ontario employs 5,047,207 people in 2024, which ranks it 1st out of 13 provinces and territories. Employment in Ontario has grown at an annualized rate of 1.8% over the five years to 2024, overperforming the national average of 1.5%. Major sectors by employment in Ontario include Retail Trade, Professional, Scientific and Technical Services and Manufacturing, which employed 884,368, 562,343 and 560,630 people in 2024, respectively. Ontario's unemployment rate is 6.2% in 2024, which ranks it 9th out of 13 provinces and territories. Ontario's unemployment rate has trended upwards at a rate of 2.1% over the five years to 2024, overperforming the Canada economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets. You can track unemployment trends in Ontario, and compare them to the Canadian economy.
$101.8k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
Province
Growth Rank
3.5
6
What is Ontario's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Ontario's DPI in 2024 was $101.8k, compared to the Canadian average of $101.1k, which places it 6th out of 13 provinces and territories.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
PROVINCIAL ECONOMIC PROFILE
Ontario Construction & Building Trends
$2.6b
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
7.8%
10
$4.9b
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
4.3%
7
96,346
BUILDING PERMITS
Growth Rate 2019-24
Province
Growth Rank
2.4%
8
What can construction trends tell you about a state’s economy?
In Ontario, non-residential construction was $2.6b in 2024, which ranks it 10th out of 13 provinces and territories. Residential construction was $4.9b in 2024, which places Ontario 7th out of 13 provinces and territories. The number of building permits issued in Ontario in 2024 was 96,346, representing a 2.4% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services.Therefore, construction trends are important indicators of the health of an economy.
PROVINCIAL ECONOMIC PROFILE
Ontario Population Statistics
Which Counties in Ontario have the Largest Populations?
The counties with the highest populations in Ontario are Toronto, Ottawa - Gatineau and Hamilton, which had populations of 5,970,833, 1,293,533 and 692,566 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Ontario Demographics
Education Level Ontario
Ontario Province Industry Reports
IBISWorld Province Industry Reports help you quickly understand how an industry performs at the province level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 428 Ontario Industry Reports.
